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Thailand rolls out PromptPay money transfer service

Mobile payments scheme aimed at nudging people into formal economy

Government officials gathered to celebrate the long awaited launch of PromptPay on Jan. 27

BANGKOK -- Thailand launched a new interbank mobile payments system on Friday enabling money transfers that are cheaper and easier than those offered by conventional banks.

The system, called PromptPay, allows registered customers to transfer funds using a mobile phone with only the mobile number or national ID number of the recipient.

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